On 9 November 2025, General Yusuf Hassan al-Madani, Chief of Staff of the Houthi armed forces, published a letter online addressed to Hamas’s al-Qassam Brigades, declaring the suspension of military operations against Israel and Red Sea shipping, one month after the Gaza Strip truce took effect. He added, however, that “we are closely monitoring developments and declare that if the enemy resumes its aggression against Gaza, we will return to our military operations deep within the Zionist entity and reinstate the ban on Israeli navigation in the Red Sea and the Arabian Sea.”
The Houthi campaign began in November 2023, in what the group described as an act of solidarity with the Palestinians during the conflict between Israel and Hamas in Gaza. Since then, more than one hundred cargo vessels have been attacked with drones and missiles over two years, resulting in the sinking of four ships, nine deaths and several crew injuries. The last Houthi-claimed attack before the ceasefire struck the Dutch cargo ship Minervagracht on 29 September 2025, killing one crew member and injuring another. No further attacks have been reported since the Gaza ceasefire came into force.
These actions forced ships — including most container vessels — to sail around Africa, lengthening journey times between Asia and Europe by one to two weeks depending on the destination, and thus driving up costs. Not only have vessel operating costs risen, but insurance premiums have also surged, in some cases doubling to reach one percent of the ship’s value, compared with the previous 0.3–0.4 percent.
Now the question is whether container ships will return to the Red Sea. Some already have, particularly those operated by the French carrier CMA CGM. In January 2025, the CMA CGM Columba, which runs between India and Europe, made the passage on an exceptional basis, and more recently, on 7 November, the CMA CGM Benjamin Franklin became the largest container vessel to reach the Suez Canal since the start of the crisis. Next in line is expected to be the CMA CGM Zheng He.
Other shipping companies remain cautious, noting that the Houthis speak of a suspension rather than a full halt. Much still depends on developments in Gaza. Analysts believe any resumption of Red Sea traffic will be gradual, taking place over several months, not only due to the shipping lines’ own decisions but also those of insurers, who would need to drastically reduce premiums. Maersk, for example, has stated its intention to continue rerouting vessels around Africa via the Cape of Good Hope until Red Sea and Gulf of Aden navigation can be guaranteed in the long term.
More optimistic is the chairman of the Suez Canal Authority, Osama Rabie, who expects canal revenues to reach 4.2 billion dollars by the end of 2025, up from 3.9 billion in 2024 — a 7.6 percent increase. He attributed this improvement to the “gradual recovery of global maritime transport through the Red Sea and the Canal, following a slowdown caused by regional security tensions.” The situation therefore remains fluid, amid an economic context also unsettled by continuing uncertainty over US tariffs. In this case, a ruling is expected from the Supreme Court by the end of the year on whether those imposed by Trump are legitimate.
